News Headline Summary

METALS WRAP

Spot gold ended the session with only slight gains after reaching its highest levels in two months today, amid continued concerns about Syria. Markets have recently been bracing themselves for the possibility of a strike on Syria by western powers and the effect that could have on oil prices and global economic growth. This risk averse sentiment led to a flight to safety and the precious metals complex extended gains for the week as a result. Profit taking and futures expiry related flows were seen as US participants came to markets, this caused downward pressure in precious metals and gold saw much of the gains made during the Asian and European sessions pared.

Markets will look ahead to the secondary reading of US GDP and will be anticipated by market as well as any decision made by the UK House of Commons as it is has been recalled early in order to address the situation in Syria, furthermore on Friday South Africa Union is expected to give gold strike notice.

29 Aug 2013 - 01:30 - Metals - Source: RANsquawk

Subscribe Now to RANsquawk

Click here for a 1 week free trial

RANsquawk provides audio news and commentary for over 15,000 professional traders and brokers worldwide. Services include: